Monday, September 17, 2012

The media and liberals have been jumping on Gov Romney's comment about middle class being $200,000-$250,000 and lower, when he was discussing tax reform. If everyone will remember, Obama has been using $250,000 since the 2008 campaign. Here is some information to educate people.

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First, he did not say the AVERAGE is $200-$250,000. He said "middle income IS $200,000-$250,000 or less. So, don't raise taxes on middle income people, lower them."

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The problem is that people are trying to define the middle class as someone in a certain income level when the definition of middle class is defined by profession and is broader.

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Within the middle class, you have:

the working class, which is blue-collar

lower-middle class, which is lower-level, white-collar workers

upper-middle-class workers, who have post graduate degrees & work at high-level, white-collar positions

The next income level is what is commonly called the "5 percent," or the percentage of Americans who make more than $150,000 annually.

Then of course the wealthy, which is referred to as the "1 percent" who earn over $250,000 annually.

Where Do You Fall in the American Economic Class System?

Many people have misconceptions about their place in the income hierarchy

"Romney’s campaign later clarified that he was talking about household income and not individual income." "According to US News, middle class income falls between $32,000 and $100,000. The top 1% make over $250,000 a year and the top 5% make over $150,000. Romney’s numbers were still off but it wasn’t as drastic as people are making it out to be.""Also, there’s been some discrepancy over what Mitt Romney actually said. When the interview first aired many people had Romney quoted as saying that middle class was between $200,000 and $250,000.

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"In cities such as San Francisco and New York, middle class income might very well extend all the way up to $250,000 given the median house price in San Francisco is $700,000 and it regularly costs $1,000+/sqft in New York City to buy."

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What’s A Middle Class Income? Bet You Don’t Know!http://www.financialsamurai.com/2011/10/31/whats-a-middle-class-income/ written last year going by the date of comments.